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SEC Approves New Guidance for Compliance with Sarbanes-Oxley Section 404
PCAOB Approves Auditing Standard No.5
On May 23, 2007 the Securities and Exchange Commission (SEC) unanimously approved interpretive guidance to help public companies strengthen their internal control over financial reporting while reducing unnecessary costs.
“Providing management with its own guidance for evaluating internal control over financial reporting will ensure an appropriate balance between management’s evaluation process and the audit process,” noted Conrad Hewitt, Chief Accountant for the SEC.
Please click here to read the SEC’s release.
On May 24, 2007, the Public Company Accounting Oversight Board (PCAOB) voted to adopt Auditing Standard No. 5, An Audit of Internal Control Over Financial Reporting That Is Integrated with An Audit of Financial Statements, to replace its previous internal control audit standard, Auditing Standard No. 2.
“The new auditing standard, by focusing the auditor’s attention on those matters that are most important to effective internal control, presents another significant opportunity to strengthen the financial reporting process,” noted Tom Ray, PCAOB Chief Auditor and Director of Professional Standards.
Please click here to read the PCAOB’s release.
Please click here for a copy of the PCAOB’s Auditing Standard No. 5.
Additional info that is useful and can help in our projects is the link to the COSO Internal Control over Financial Reporting — Guidance for Smaller Public Companies. Here is the link http://www.coso.org/publications.htm
SEC Approves New Guidance for Compliance with Sarbanes-Oxley Section 404
PCAOB Approves Auditing Standard No.5
On May 23, 2007 the Securities and Exchange Commission (SEC) unanimously approved interpretive guidance to help public companies strengthen their internal control over financial reporting while reducing unnecessary costs.
“Providing management with its own guidance for evaluating internal control over financial reporting will ensure an appropriate balance between management’s evaluation process and the audit process,” noted Conrad Hewitt, Chief Accountant for the SEC.
Please click here to read the SEC’s release.
On May 24, 2007, the Public Company Accounting Oversight Board (PCAOB) voted to adopt Auditing Standard No. 5, An Audit of Internal Control Over Financial Reporting That Is Integrated with An Audit of Financial Statements, to replace its previous internal control audit standard, Auditing Standard No. 2.
“The new auditing standard, by focusing the auditor’s attention on those matters that are most important to effective internal control, presents another significant opportunity to strengthen the financial reporting process,” noted Tom Ray, PCAOB Chief Auditor and Director of Professional Standards.
Please click here to read the PCAOB’s release.
Please click here for a copy of the PCAOB’s Auditing Standard No. 5.
Additional info that is useful and can help in our projects is the link to the COSO Internal Control over Financial Reporting — Guidance for Smaller Public Companies. Here is the link http://www.coso.org/publications.htm